The Eagles made the announcement Monday. Team owner Jeffrey Lurie says, “it is time for the Eagles to move in a new direction.”

Reid is due to make $6 million in 2013 in the final year of his contract. He is the franchise leader in wins (140) and winning percentage (.578) and led the Eagles to six division titles and five NFC championship games. He led them to the Super Bowl in 2004.

Lurie put Reid on notice after last season’s 8-8 record. The Eagles slumped to 4-12 this season forcing Lurie to make the move.

Lurie calls Reid, “someone I respect greatly and will remain friends with for many years to come.”

Reid inherited a 3-13 team in 1999, drafted Donovan McNabb with the No. 2 overall pick in that year’s draft, and quickly turned the franchise into a title contender.